What is the expected value of the roll of a fair octahedral die? (An octahedral die has 8 faces, numbered from 1 to 8.) Express your answer as a decimal.
Solution: Each outcome of rolling an octahedral (8-sided) die has probability $\frac18$, and the possible outcomes are 1, 2, 3, 4, 5, 6, 7, and 8.  So the expected value is $$ \frac18(1) + \frac18(2) + \frac18(3) + \frac18(4) + \frac18(5) + \frac18(6)+ \frac18(7)+ \frac18(8) = \frac{36}{8} = \boxed{4.5}. $$